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£30m injection for Welsh businesses

The Welsh Government is releasing £30 million of funds today in the second phase of the Wales Economic Growth Fund.

The money will go towards creating jobs, growth and wealth in Wales, safeguarding up to 3,000 jobs and helping about 200 businesses.

In the first phase, more than £31million was committed to support 119 business investment projects around Wales with the potential to create some 1800 jobs and safeguard around 1,600 jobs.

The new Fund will be delivered in two stages– the first is geared to support the needs of smaller businesses requiring funding of between £50,000 and £100,000. The second will open in autumn for businesses requiring larger investment of over £100,000.

It will act as an economic stimulus and provide the capital that businesses in Wales need to invest in new equipment, grow their companies, win new contracts and create jobs and wealth.